12月20日，央视发布《高价预估低价收购，手机回收平台藏猫腻，旧手机回收遭遇平台恶意压价》相关 报道，曝光淘宝合作方"同城帮"回收手机猫腻。 来源：中国山东网 记者注意到，被央视曝光的"同城帮"归属于北京齐立软件技术有限公司，该公司2015年成立，郑立群持 股43.15%，三六零（601360.SH）全资子公司北京奇虎科技有限公司是第二大股东，持股22.23%，苏宁 易购（002024.SZ）是第三大股东，持股19.23%。 郑立群履历显示，其曾在摩托罗拉公司工作15年，负责摩托罗拉中国的整体产品线设计、渠道布局、价 格定位、市场推广等工作，2009年担任百度高级运营总监，2010年加入奇虎360公司任副总裁，搭建360 同城帮O2O平台。2015年带领团队独立经营同城帮。 据公开报道，北京齐立软件技术有限公司2015年成立当年，就获得了三六零投资，当时推出的服务品牌 名为"360同城帮"，目标是打造国内最大的上门手机维修及换机平台，当时三六零还推出了自有手机品 牌"360奇酷手机"，并通过"360同城帮"推出二手手机置换服务。 报道显示，多位消费者反映，通过淘宝网在"同城帮"下单回收自己的二手手机时，遭遇平 ...

Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it holds a 1.3% market share, ranking third in China [2][6]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's revenue primarily comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Revenue has grown from 750 million yuan in 2021 to 1.297 billion yuan in 2024, with a 40.33% year-on-year increase in the first half of 2025 [4]. - Despite revenue growth, the company has faced continuous net losses over four years, totaling over 300 million yuan, with losses of 48.71 million yuan, 99.08 million yuan, 98.27 million yuan, and 66.44 million yuan from 2021 to 2024, and 24.63 million yuan in the first half of 2025 [4][5]. - Sales costs have risen significantly, from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the cost of procuring second-hand electronic products [4]. Cash Flow and Dependency - Operating cash flow has been negative from 2021 to 2024, with a cumulative outflow of 116 million yuan, relying on external financing [5]. - The company has a strong dependency on Xiaomi, both in terms of financing and business operations, which poses risks if Xiaomi alters its strategy [4][6]. Market Context - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [6]. - Despite being the third-largest player, Flashback Technology's market share is only 1.3%, significantly lower than the leading competitor [6]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain and upgrade its AI quality inspection platform, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [7]. - The sustainability of its profit model is questioned, as it heavily relies on the price difference of second-hand mobile phones, with low gross margins [7]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [7].